FCPO Commentary on 17/03/09

FCPO 3rd month Jun Futures contract fall RM28 to close at RM1902 as compare to previous trading session with 7696 lots traded in the market. CPO price was traded wild during the trading session mainly due to soybean oil and crude oil electronic trading.

Technically, CPO price seems well hold above RM1900 against the selling pressure. A huge rising wedge was seen the CPO hourly price chart with support seen at RM1900 and RM1830 region. Traders were advice be extra cautious in the next coming trading as bearish formation was formed in the hourly chart and pattern was confirm provided support levels were violated. Resistances were seen at RM2050 and RM2100 regions.